The merger was proposed to transform IDFC bank from an infrastructure lender into a universal bank. The merger would have enabled the Piramal Group to enter into the commercial banking segment. The merged entity was going to offer the non-banking businesses of IDFC along with the Shriram Capital’s life and non-life insurance, retail broking and financial product distribution businesses.
Shriram City Union Finance (SCUF) was planned to merge with the IDFC Bank, followed by the holding company taking the ownership of Shriram Transport, according to market reports. The merger was further expected to expand the retail footprint of the IDFC Bank, as the company could utilise the SCUF’s strong presence in rural and semi-urban areas.
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